Dubai's Shuaa in Tunisian trading freeze
Source: BI-ME with Reuters , Author: Posted by Bi-ME staff
Posted: Sat April 2, 2011 2:15 am
china wholesale market

TUNISIA. Tunisia has ordered its brokerages to suspend securities trading by 123 firms, sources said, including Dubai's Shuaa Capital and the parent companies of at least two publicly listed Tunisian firms.

The firms were named in a confidential list issued at the end of February by Tunisia's financial authorities. They are trying to pry loose the grip of overthrown President Zine Al-Abidine Ben Ali's extended family on the North African country's economy.

"We were told not to let these companies invest or withdraw money from their trading accounts. Their accounts are frozen," a Tunis-based broker told Reuters.

The list, mostly privately held Tunisian companies, was issued by Tunisia's financial markets regulator, Conseil de Marche Financier.

Dubai-listed investment bank Shuaa Capital, a notable foreign inclusion in the list, declined to comment on whether it was aware of the existence of the Tunisian list.

"Shuaa Capital has no past or current dealings with the former president of Tunisia," a Shuaa Capital spokeswoman told Reuters.

The list, which was seen by Reuters, also includes BINA Corporation, majority shareholder of Carthage Cement CC.TN as well as Princesse Holding which holds stakes in Ennakl Auto and Bank Ziytouna.

Also named was Tunisian holding company Investec, which is controlled by Ben Ali's son-in-law Marwan Ben Mabrouk, who holds a stake in mobile operator Orange Tunisie.

"We received a list of 123 companies...to freeze the accounts of companies linked to people close to Ben Ali," said another broker in Tunis.

BINA Corporation, Princesse Holding and Carthage Cement could not be reached for comment, while Ennakl declined to comment.

On Thursday, Tunisia's interim government seized the 51-percent stake in Orange Tunisie owned by Ben Mabrouk through Investec.

When contacted, Tunisia's central bank and financial markets regulator both declined to comment.

Earlier this month, the interim government said it would freeze assets of 112 people close to the ousted president pending the completion of investigations into corruption.

Tunisia's attempt to bring businessmen who prospered through ties with the previous regime is mirrored in Egypt, which is expected to expand a list of people whose assets have been frozen pending investigations into links with former leader Hosni Mubarak.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: February 27, 2015
UAE. In S&P's view, the sharp drop in oil prices since mid-2014 is likely to lead to weakening economic, external, and fiscal profiles for the region, particularly for the GCC.
date:Posted: February 26, 2015
UAE. Collinson Latitude report calls for travel brands to reinvent loyalty schemes as they unveil a new breed of traveller who demand more choice and flexibility.
date:Posted: February 26, 2015
UAE. New report's findings are based on Deloitte Global's review of data from a Facebook-commissioned global survey of 10,500 people who use social media.
BAHRAIN. During an interview with Euromoney Conferences, John Sfakianakis the GCC Regional Director at Ashmore Group, said the milestone decision to liberalise the Saudi Tadawul Index is extremely significant as investors will be able to gain exposure to a formidable oil economy by investing in its market.
dhgate